Welcome to the webinar on pass-through entities explained and made easy to understand. It's the new section 199 of the IRS code illustrated and explained by Alan Nathan, CPA of Nathan Accounting Group. By way of an introduction, our mission is to help everyone unpack complex tax laws and other business concepts in a very easy and understandable way. Please tune in to this channel for other of our favorite subjects presented in everyday language. My contact information is right on the screen, so please feel free to email me at any time. We're interested in what other laws or business concepts you want us to explain to you. This webinar is animated to take you through the calculations related to the new code section 199 deduction. Here is the presentation in order: the major items to cover are what is a specified services trade or business and what is not, how to calculate the deduction in an everyday situation, the five important definitions we'll go through first, which businesses are considered specified services trade or business, how to calculate the section 199 deduction for this type of business, the calculation of the section 199 deduction for a non-specified service trade or business, other notes and comments, and how to learn so much more. Let's move on. Here are five important definitions: 1. What is a pass-through entity? That's any trade or business other than a corporation. It would include any business, including sole proprietorships, S corporations, and partnerships. 2. Qualified business income (QBI) is generally the income rolled from a business without regard to salary or guaranteed payments. Owner salary or guaranteed payment is not considered QBI. 3. Qualified property refers to the tangible, depreciable property of any business. It is measured at the end of the year. 4....
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Video instructions and help with filling out and completing Can Form 8655 Entity
